The housing market in San Diego ranks among the worst metropolitan areas nationwide when buying a home due to the lack of supply. New listings are being bought up faster and for higher prices. This is translating to bad news for buyers but great news for seller as overall inventory remains tight.
New home listings did little in March to help ease inventory woes, according to Redfin. Southern California - and San Diego in particular - continue to be one of the most competitive home buying markets in the nation. Home prices in the County were six percent higher in March than the same month last year ($487,000).
Inventory has fallen more than fourteen percent over the last year with current levels only equaling a two-month supply. Experts generally consider six months to be a healthy level. With the incredibly low number of homes on the market, San Diego is often the worst for buyers who must compete with one another for desirable homes.
Meanwhile, conforming no-point 30-year fixed mortgage rates average 3.625 percent while the 15-year rate is near 3 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.